Cheapest Electric Cars in Australia 2023

Australia’s electric car market is booming, with several new vehicles hitting showrooms for 2023. The new crop of EVs includes a range of affordable options within the $40,000 bracket, vastly reducing the cost compared to luxury options like the Porsche Taycan ($156,300) and the Tesla Model 3 ($63,900).

 There are so many electric car options to suit all budgets, including cheap options that are available this year. Here are our top picks.

How Much Are Electric Cars in Australia?

Fully electric cars have a huge span in terms of price. Most affordable EV options are around $40,000 - $50,000, but some newer models sit neatly within the $30,000 bracket. On the upper end of the spectrum are options like the Mercedes-Benz EQS, retailing for $200,000.

However, despite the high upfront costs for an electric vehicle, running costs are reduced. Per kilometre, it’s cheaper to run an electric car than it is to fill up on petrol or diesel. Plus, there are fewer parts in an electric car than in an internal combustion engine, which means reduced maintenance costs.

Some drivers opt for a hybrid over an electric one since they are slightly cheaper on average. That said, there are plenty of benefits when opting for a pure electric model.

 What’s more, many nations offer subsidies on electric vehicles as part of an incentive to go green. Australia will probably follow suit sooner rather than later, with some local governments already taking the leap. If you live in Queensland, for example, you can benefit from a $3000 subsidy on electric vehicles.

You can also find the best car finance rates using AusLoans, reducing the cost burden of switching to an electric vehicle.

Without further ado, here are some of the best options for cheap electric cars in Australia.

1. BYD Dolphin

Estimated price: from $35,000  -  Apply for finance now. It won't affect your credit score.

 Build Your Dream (BYD) is one of the largest Chinese manufacturers of electric cars, and it has several affordable options in the works. The BYD Atto 2, alternatively called the BYD Dolphin, is a compact hatchback available on three levels.

 The cheapest option has a weaker battery and shorter range, but there are options for those with a slightly larger budget and a desire to roam further. The lowest tier could cost as little as $35,000, though BYD is yet to confirm Australian pricing details. Meanwhile, the flagship variant is likely to cost $40,000 drive-away.

 At four metres long and sporting five doors, the Atto 2 is designed to be a city car that gets you where you need to go.

 Range: 301 - 405km

Battery: 30.7kWh or 44.9kWh

Max Speed: 160km/h

2. MG 4

Estimated price: from $40,000  - Apply for finance now. It won't affect your credit score.

 MG has announced the all-new MG4 model, a crossover hatch with a single electric motor and two battery options. MG has put a lot of thought into this car, designing an Active Grille System that regulates airflow into the front compartment to lengthen battery life.

 There is also an intelligent interior with built-in phone connectivity for Apple and Android, even featuring a wireless charging pad in the Trophy Long Range model. Like many modern vehicles, the MG4 also sports Lane Keep Assist, Adaptive Cruise Control, and Active Emergency Braking with pedestrian and bicycle detection.

 Range: 350 - 450km

Battery: 51kWh or 64kWh

Max Speed: 160km/h

3. GWM Ora Good Cat

Estimated price: from $40,000 - Apply for finance now. It won't affect your credit score.

 Great Wall Motors (GWM) has launched the Ora Good Cat to compete with other compact models, with a size similar to the MG4. Despite being a cheap option, the Good Cat (marketed as the Funky Cat in some regions) is a fantastic option for stylish drivers thanks to its retro design. GWM describes it as the “perfect blend of style and substance.”

 The price for Australian markets is unclear. Some industry estimates based on Thai pricing suggest the Good Cat could cost $40,000, whereas based on UK estimates it may cost up to $50,000. Either way, it’s a relatively well-priced car that offers a decent range and is ideal for inner-city living.

 Range: 400km

Battery: 47.8kWh

Max Speed: 159km/h

4. BYD Atto 3

Estimated price: from $44,990 -Apply for finance now. It won't affect your credit score.

BYD’s Atto 3 model is in hot competition with the MG4, as both are from Chinese brands looking to dominate the EV market. The Atto 3 is the first mass-produced model BYD is selling in Australia, and it has already proven to be popular. EVDirect, the local Australian seller, has received over 4000 orders ahead of its release.

One of the Atto 3’s main selling points is safety, with wider light beams that improve visibility during night driving. There is even a Blind Spot Detection feature that registers fast-approaching vehicles in the driver’s blind spot and alerts them about the danger. Safety aside, it’s also comfortable to drive with improved agility and an 8-in-1 power train.

 Range: 420km

Battery: 60.4kWh

Max Speed: 160km/h

5. Fiat 500e

Estimated price: from $43,000 - Apply for finance now. It won't affect your credit score.

Fiat’s famous 500 model is a classic car already loved by many. The Italian outlet has now launched an electric model that is absolutely perfect for city living. While it is far from the most powerful model on the market, its classic style and chic interior will probably make it a popular option.

 Although the Fiat 500e is a cheap option as far as electric cars go, it’s still a huge increase against the price of its petrol alternative ($27,000). Compared to other EVs on the market, the 500e is also a weaker option with a shorter range and a lower maximum speed. For the price, many drivers may wish to shop elsewhere in this increasingly competitive market.

 Nevertheless, drivers seeking style for short city journeys might decide this model is worth it.

 Range: 320km

Battery: 42kWh

Max Speed: 150km/h

6. MG ZS EV

Estimated price: from $46,990 - Apply for finance now. It won't affect your credit score.

 Available in several variants, the MG ZS EV is slightly more expensive than the MG4, but there are good reasons for that. MG originally launched the ZS EV a few years ago, before removing it from the market to add upgrades. These improvements have made a huge difference, expanding the range from 263km to 322km.

 This small SUV has fluctuated in price, and the cost still varies depending on the variant. The standard variant is cheaper, but the Trophy grade has more features. It used to be the cheapest model on the Australian market, but with the introduction of new competitors, MG was forced to add upgrades that bumped up the price.

 The MG ZS EV comes equipped with numerous features including Traffic Jam Assist, Intelligent Speed Limit, and more. Plus, the Trophy variant features wireless phone charging.

 Range: 322km

Battery: 72.6kWh

Max Speed: 173km/h

7. Nissan LEAF

Estimated price: from $49,990 - Apply for finance now. It won't affect your credit score.

 The Nissan LEAF has been around for several years now, and it remains a stable EV in the Australian market. It is not as spectacular as some of the new contenders on the market, but the LEAF still offers decent value for money.

 It’s marketed as a family car, with a spacious interior despite a compact exterior. It’s designed specifically for groceries, luggage, and kids.

Despite being a budget option, the LEAF possesses some decent technological specs including e-Pedal and ProPILOT Assist, which is essentially an automated driving mode that helps you cruise and even park.

 Range: 385km

Battery: 62kWh

Max Speed: 144km/h

8. Hyundai Ioniq Electric

Estimated price: from $49,970 - Apply for finance now. It won't affect your credit score.

 Hyundai has dominated the electric car market for some time with a range including the popular Ioniq 2 and Ioniq 5 models. However, the Ioniq Electric is an affordable hatchback option when compared with the more expensive SUV models.

 There are two model grades on offer, including Elite and Premium. Both have the same batter and front-wheel drive, but Premium buyers receive leather upholstery, heated front seats, LED headlights, wireless phone charging, and a sunroof.

 The Ioniq Electric may be discontinued later this year, but Hyundai could replace it with another affordable option based on its success.

 Range: 311km

Battery: 38.3kWh

Max Speed: 165km/h

How Can I Afford an Electric Car?

Electric vehicles may seem expensive compared with traditional road cars, but they are becoming more affordable. Buying with a loan is also an option.

 Plus, there are more cars hitting the market, with a race to become the most affordable electric car in Australia. As families and city dwellers seek to go green, they are searching for cheaper EVs, and the market is responding.

 Nevertheless, you might wonder how you can afford a new electric car. The affordable options in this list are a fantastic place to start, and you can finance your car using AusLoans personal car finance options.

 Apply now to get a quote and find out how we can help you secure your dream electric car.